Tesla, the electric vehicle giant led by Elon Musk, still owns 11,509 bitcoins despite the mass BTC movement seen from its wallets last week, analytics firm Arkham Intelligence said on Tuesday.
“We believe that the Tesla wallet movements that we reported on last week were wallet rotations with the Bitcoin still owned by Tesla,” Arkham wrote on X. “Tesla moved their entire balance of 11,509 BTC ($776.9 million) to new wallets.”
The company’s movement of bitcoin last week was the first time it had interacted with its bitcoin wallets since it sold off a majority of its holdings in 2022, which led some to speculate that Tesla might be preparing to sell bitcoin.
Tesla’s 11,509 BTC appears to be distributed across seven wallets, with the largest holding 2,109.3 BTC, according to Arkham. “Some have speculated that this is movement to a custodian, for example to secure a loan against the BTC,” the analytics firm added.
Tesla, which made significant bitcoin investments worth around $1.5 billion in February 2021, held as much as 43,000 BTC at its height, according to BitcoinTreasuries data. Tesla is currently the fourth-largest public corporate holder of bitcoin, behind MicroStrategy, Marathon Digital and Riot Platforms.
The EV maker is expected to hold its third-quarter earnings call at 5:30 p.m. ET on Wednesday. Tesla's stock has slid 12.8% over the past month, as its recent delivery numbers and robotaxi event fell short of expectations.
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